Importance The global financial and economic crisis of 2007-2010 has outlined the need for measures to increase the responsibility of central banks for the results of their monetary policy, as well as public confidence in central banks and the financial and banking sector of the country as a whole. On the one hand, central banks are interested in adequate perception of their policy, and, on the other hand, in the provision of information that could influence decisions made by economic actors. To achieve this, first of all, it is necessary to introduce the measures to increase the transparency of central banks and their policies, what is especially important in countries with emerging economies, the financial and banking systems increasingly suffer from the emerging internal and external shocks and threats. Objectives We conduct a comparative analysis of the transparency of central banks of the integration grouping and its dynamic changes. As well, we are characterizing the measures which shall allow ensuring the enhancement of the transparency of the central banks of the countries of the Customs Union of Belarus, Kazakhstan and the Russian Federation. Methods In our paper, on the basis of the internationally accepted Eijffinger-Geraats index (EG-index), we are analyzing the transparency of the central banks of the countries of the Customs Union, and identifying the causes of the changes. Results Our study shows that the level of transparency of the activities of the central banks of Belarus, Kazakhstan and Russia are far lower than of the ones of developed countries, especially, in such transparency types as the operating and procedural transparency. Conclusions and Relevance We came to a conclusion of the need for the consistent and continuous work to improve transparency, which shall contribute to the financial-banking and economic stabilization of the country.
Keywords: Central Bank, transparency, transparency types, transparency index, monetary policy, Customs Union
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